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Drug firm to cut 5,000% price rise after backlash

Sep 23, 2015, 1:52 AM EDT
Collection of pharmaceuticals.
AFP/Getty Images

A US drug company that faced a backlash after raising the price of a drug used by Aids patients by over 5,000% has said it will lower the price, writes the BBC.

Martin Shkreli, the head of Turing Pharmaceuticals, told US media he would drop the price following the outcry, but did not say by how much.

Turing Pharmaceuticals acquired the rights to Daraprim in August. It then raised the cost of the drug, which treats a parasitic infection, afrom $13.50 (£8.70) to $750.

Amid criticism from medical groups - one called the cost "unjustifiable" - Mr Shkreli on Monday defended the increase, saying the profits would help research new treatments.

He accused critics of not understanding the pharmaceutical industry. But he has now told ABC News: "We've agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit."

Earlier in the day, PhRMA, the pharmaceutical industry's main lobbying group, tweeted that Turing "does not represent the values of PhRMA member companies".

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